Welcome to Marketing

in a Digital World. Thank you for participating

in this course. I'd like to begin by providing
an overview of the course, where we are going, and
what you will learn. First, let's discuss what
this course will not cover. This is not an E-commerce class. We will not examine
social media analytics, search engine optimization, or other digital
marketing tactics. The other courses in our digital
marketing specialization will cover these topics
in great detail. This course will be
broader in scope and focus on how digital tools
such as the Internet, smart phones, and 3D printers are changing the
marketing landscape. In essence, these tools are
shifting the balance of power from firms to consumers. We will examine these tools,
introduce some new concepts, and tell some stories
about how both firms and consumers are adapting to
this changing landscape. This course consists
of four modules. Each module will explore one
key foundation marketing and examine how this
foundation has been altered by these digital tools. In Module 1, we'll examine how
digital tools are enabling customers to co-create
the products and brands that they consume. We call this our product module. In
Module 2, we'll focus on how these tools are changing
the way that products are being promoted
and the role of users in generating content for
these promotional activities. Hence this is our
promotion module. In Module 3, we'll take a
look at the digitization of product distribution
and the changing nature of the retail landscape. We call this our
placement module. Finally, in Module 4, we'll examine new
digital enabled tools and techniques that are helping customers take more control
over the price they pay for the
products that they buy. This is our price module. We'll examine each of these four
modules using a variety of learning modalities, including video
lectures, case studies, hands-on exercises,
and interviews with both students and faculty. The student interviews
are discussions with the students here at the
University of Illinois. We ask these members of the
Internet generation how they currently use digital tools
to navigate the marketplace. We call this feature
views from the quad. The faculty interviews
are discussions with some of our world-class faculty here at the University
of Illinois. These faculty are doing cutting edge research on the next
generation of digital tools. We call this feature
campus spotlight. By engaging in these various
learning activities, you will increase
your appreciation for how the foundations
of marketing are being reshaped and shifting to fit our
new digital world. More specifically, there are four key lessons that I hope you
take away from this course. First of all, marketing
is a process of value exchange that is facilitated by the
Four P's: product, promotion, placement, and price. Second, the tools employed in
enacting the Four
P's are increasingly becoming digital and are being democratized across a
large number of consumers. Third, this digitization and democratization is
shifting the balance of power from firms to consumers. Finally, as a result, firms
are losing control
over the marketing mix, and consumers are taking a more active and expansive role
across these various
marketing activities. Finally, I hope this
course will provide a firm foundation for the rest of the courses in
our specialization. Are you read? Great.
Let's get started.